Payment Guard Insurance
In partnership with TruStage™, QCash offers Payment Guard Insurance, a first-of-its-kind insurance solution providing portfolio coverage for delinquent loans or charge-offs caused by covered job losses. For credit unions, this helps protect your portfolio against losses caused by borrowers’ unexpected job losses. For borrowers, this could provide peace of mind that they will receive a lump sum payment towards their small-dollar loan in the event of a covered job loss.
How Payment Guard Insurance works for QCash’s current credit union clients:
- The credit union chooses to include Payment Guard with QCash loans. From that time forward, all newly funded loans using the QCash platform will automatically be protected from losses caused by borrower job loss.
- Upon funding of the loan, the member receives a Certificate of Insurance with details of their Payment Guard coverage.
- In the event of a job loss, claims can be filed by the member directly through TruStage’s online claims portal.
- Upon approval of the claim, a lump sum of $500 (regardless of the outstanding balance of the loan) is sent to the credit union to be applied to the outstanding balance of the loan.
- Excess funds get applied to the member’s account to offset further financial hardship.
Members facing a job loss are likely to stress over their monthly expenses. Only 30% of Americans have some emergency savings, while nearly a quarter of Americans have none at all.1 Even after accessing savings, borrowing money, and seeking help from family and friends, members may not be able to cover expenses in the event of a job loss.
What are these members to do?
You can help members facing a job loss when you offer Payment Guard Insurance.
1 Karen Bennett, Bankrate’s 2025 Annual Emergency Savings Report, Bankrate, November 2025, https://www.bankrate.com/banking/savings/emergency-savings-report/.
TruStage™ Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. Please refer to the Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705
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